01887cam a22002897 4500001000700000003000500007005001700012008004100029100002400070245012800094260006600222490004200288500001900330520060800349530006100957538007201018538003601090690009101126690007301217690005701290700003001347700002601377710004201403830007701445856003801522856003701560w14595NBER20180319224144.0180319s2008 mau||||fs|||| 000 0 eng d1 aBuera, Francisco J.10aLearning the Wealth of Nationsh[electronic resource] /cFrancisco J. Buera, Alexander Monge-Naranjo, Giorgio E. Primiceri. aCambridge, Mass.bNational Bureau of Economic Researchc2008.1 aNBER working paper seriesvno. w14595 aDecember 2008.3 aWe study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there is a strong geographical component to learning, which is crucial to explain the slow adoption of liberal policies during the postwar period. Our model also predicts that there would be a substantial reversal to state intervention if nowadays the world was hit by a shock of the size of the Great Depression. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aO4 - Economic Growth and Aggregate Productivity2Journal of Economic Literature class. 7aO43 - Institutions and Growth2Journal of Economic Literature class. 7aO50 - General2Journal of Economic Literature class.1 aMonge-Naranjo, Alexander.1 aPrimiceri, Giorgio E.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w14595.4 uhttp://www.nber.org/papers/w1459541uhttp://dx.doi.org/10.3386/w14595